RealtyTrac is an online resource that provides information on foreclosures in Broward County, Florida and throughout the US.
According to recent statistics, real estate sales are up in Broward, mainly in the Fort Lauderdale area. In March 2010, approximately 3200 properties were sold; compared to 2200 in February. And, the average property price of $143,000 is up from $137,000 in the previous month.
Despite the increase in real estate sales, Broward County’s commercial (and residential) markets remain saturated with vacant foreclosures and unbeatable deals. Most of these deals can be found in Fort Lauderdale, the largest incorporated city in the county.
If you are a property investor looking to buy a property in foreclosure, Fort Lauderdale is a good place to start your search. But before you invest any capital, you should understand the foreclosure process so you can catch the properties with the best deals.
There are 3 steps that occur during the foreclosure process:
Pre-Foreclosure: During this period, the property owner is behind on mortgage loan payments but no legal action has been taken to start the foreclosure process. At this time, the property owner is more inclined to consider offers to avoid foreclosure and save their credit rating.
Notice of Default: This is the first step that initiates the foreclosure process.
Sale: If you fail to prevent the foreclosure, the lender will eventually be able to take the property. The length of time the process takes to complete is determined by the state you live in.
In Florida, once a judgment is reached the foreclosure sale is scheduled to take place on the courthouse steps. In some states, the property owner may be given an opportunity to get the property back. This is known as the redemption period, but is not applicable in Florida.
Buying commercial foreclosures and other real estate is a complex and tedious process. Our Fort Lauderdale real estate lawyers can help you navigate the purchase process and find the right property for you. Contact us today to start your search for commercial foreclosures.
Buying foreclosures and other real estate is a complex and often tedious process. The Fort Lauderdale real estate lawyers of Schecter Law can help you navigate the purchase process. Contact us today to start your search for commercial foreclosures. You can use this form to email or call us at (954) 779-7009.
Tags: Broward County, Commercial, Florida, Foreclosure, Investor, Real Estate
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